In order to keep the rate of devaluation of the peso under control, the Central Bank (BCRA) in the first week of August closed its starving reserves by selling about 700 million US dollars, Currency that keeps on losing competitiveness.
The entity ceased its intervention on the market today negative balance of approximately US$95 million, In a day in which US$470.8 million was traded for the cash segment, the highest volume of the week.
Thus, although this was the lowest sale of the week, it not only increased the consolidated loss for this week to slightly above US$680 million, it is also 5% higher than the US$653 million wasted in the prior week. of julyAlthough in that period it is believed that more exhaust taps were closed.
As a result, moreover, its share in the entity’s own net reserves sank in the region of US$1.1 billion, an amount that does not cover even a week of imports. “This is the worst monthly streak of net currency sales for BCRA since September 2020. The difference is that, in that month, the net reserves stock was more than four times the current reserves”, says economist Neri Persichini in the context . of GMA Capital
The bleeding came despite the fact that yesterday, in compliance with part of Wednesday’s announcements, the BCRA ordered two measures: one to promote the entry of funds to pre-finance exports from abroad and the other to accounts to enable access. dollar linked (As of now allowed only to soybean growers) All those exporters who expect liquidation beyond 30 days in respect of the mandated period.
:quality(80)/cloudfront-us-east-1.images.arcpublishing.com/lanacionar/WUAMJEP6VNHOLIFKY47IAZQSGM.png "Central Bank Reserves: Market Intervention Lost About Us$700 Million In First Week Of The Month")
“As such, the government will try to increase foreign exchange earnings through pre-financing of exports, while waiting for the producers to market the grain. However, the proceeds from issuance of bills will not increase the net reserves as a short-term liability will be issued in return. It will be necessary to monitor whether these measures have any effect on the supply of foreign exchange. And they at least allow to reduce the outflow of reserves”, warned Delphos Investments in this regard in a report.
The balance of the intervention, the worst for a week at the start of the month in nearly two years, occurred, though it validated a 25 cents increase to the wholesale sales dollar (it closed at $132.89 per unit) and a correlation of $1.62. in till last fridayNoted operator and analyst Gustavo Quintana, “an increase of $1.53 was allowed last week.”
the data confirms that Market dynamics are volatile, However the operators today saw a rebound in the private offering as it would already be commissioned to demonstrate gross booking The entity’s – debt-stricken – fell another US$486 million yesterday (they closed at US$37,332 million according to provisional figures), to remain At the lowest level since the signing of the agreement with the IMF.
in this matter, The setback reached nearly US$5.5 billion in the past 35 days, a figure that represents one-sixth of the debt owed by the IMF. Argentina or it suggests that the last quarterly disbursement of the organism, done at the end of June, was sufficient for only one month.
“Negative dynamics on net bookings raise concerns of operators, and thus the urgency of measures to recover foreign exchange through export advances and access to fresh funds from abroad that will be assessed to achieve a better exchange balance”, financial analyst Gustavo Berr appraised.
